Affle 3i Ltd, a global technology company formerly known as Affle (India) Ltd, has agreed to acquire US-based advertising technology company Perion Network Ltd for $420 million in an all-cash transaction.
Affle’s wholly owned Israeli step-down subsidiary, Affle 3iL Ltd, has entered into a definitive merger agreement to acquire Perion at $11.70 per share. The transaction is expected to close in early 2027, subject to customary closing conditions.
Acquisition to expand AI advertising capabilities
The transaction will give Affle 100% ownership of Perion and its subsidiaries, which have operations primarily in the US, Canada, Israel and Europe.
Perion is an advertising technology company focused on AI-native infrastructure. The combination is expected to strengthen AI-powered consumer conversions, expand global reach and improve measurable returns for advertisers.
Management comment
“By bringing together complementary capabilities, the combined business will strengthen AI-powered consumer conversions, expand global scale, deliver measurable ROI for advertisers and create sustained long-term value,” Affle 3i, Chairperson, Managing Director and CEO, Anuj Khanna Sohum, said.
“Affle has established a strong position in mobile performance, supported by an experienced team, global reach and a focus on measurable results. We see significant potential in bringing these complementary capabilities together to create new opportunities for brands, agencies and media owners worldwide,” Perion, CEO, Tal Jacobson, said.
Deal to be funded through debt and cash
The acquisition will be funded through bank finance and internal accruals. Affle will acquire all issued and outstanding shares of Perion, including unvested equity awards in accordance with their vesting schedules.
Perion had no financial debt and reported a cash balance of approximately $228 million as of September 2026.
Perion to remain an independent brand
The transaction will be structured as a reverse triangular merger. Under the arrangement, a wholly owned subsidiary of Affle will merge with and into Perion, with Perion surviving as a wholly owned subsidiary of Affle.
Following completion, Perion’s ordinary shares will be delisted from Nasdaq and the Tel Aviv Stock Exchange. The company will continue operating under the Perion brand.
Affle targets $700 million revenue run rate
Affle said it expects to remain net debt-free immediately after the acquisition, with a revenue run rate of more than $700 million in FY28.
The acquisition is expected to expand its international presence and strengthen its technology capabilities across the digital advertising ecosystem.